TiE Launching Amaravati Chapter in Andhra Pradesh to Boost Investor Support
With banks reining in all but safe loans and venture capitalists targeting mature startups, angel investors play a crucial role in backing young, fast-growth companies.
Startup entrepreneurs and educational institutions have something to cheer as TiE (The Indus Entrepreneurs) will formally announce the launch of TiE-Amaravati chapter and its Angels Network to help accelerate the growth of the startup ecosystem in the state of Andhra Pradesh.
Nara Lokesh, Cabinet Minister for Information Technology, Panchayati Raj and Rural Development, Andhra Pradesh, will preside over the formal launch.
A gathering of entrepreneurs, mentors, advisors, and others to educate, engage, and connect entrepreneurs, alongside J A Chowdary, Special Chief Secretary and IT Advisor to Chief Minister of Andhra Pradesh and charter members of TiE Amaravati will be seen in full attendance at the inaugural event on 17 January, 2018.
Sateesh Andra, president of TiE Amaravati said “According to the 2017 NASSCOM-Zinnov report, India ranks third among global startup ecosystems with more than 5000 startups and over one thousand new startups added in 2017. One of the key developments in India’s startup market over the past decade has been the development of large, robust angel investor ecosystems. To enable the state of Andhra Pradesh to lead the collective dream of a new India and for the development of innovation, entrepreneurship and startup culture, we strongly felt the need for a TiE chapter as well as an Angel Network.”
Suresh Chitturi, board member of TiE Amaravati said, “We sincerely believe that entrepreneurship and innovation are keys to achieving industrial development, job creation and GDP growth. With banks reining in all but the safest loans since the recession and venture capital firms now targeting less risky late-stage startups, angel investors play a crucial role in backing young, fast-growth companies.
Highlighting the key points of the state’s innovation and startup policy, stakeholders of TiE-Amaravati said the launch of TiE will be complementary to recent initiatives by the government to establish several incubators and accelerators and setting up of a startup fund. TiE-Amaravati along with its Angels Network is committed to lending its support to Andhra Pradesh’s Innovation Society to accelerate this vision.
Anudeep Chappa and Sravani Polina, associate directors added, “Often the biggest challenge startups, as well as young entrepreneurs face, is not just raising money but access to an authentic platform to network and identify the right mentors to gain insight into possible ways they can improve their businesses and gather real-time feedback."
The Board of TiE Amaravati comprises of Sridhar Krishnamoorthy, Purnima Kamble, Suresh Chitturi and Sateesh Andra. Alongside the board, the founding members of TiE Amaravati include Srini Raju, Dr Ramesh Byrapaneni, and JA Chowdary.
TiE Amaravati also has their founding patrons in Srinivasa Farms, Gerdau Steel, and Pi Datacenters.
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